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Essar signs $2.4 billion deal to sell ports business to ArcelorMittal

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Essar said it has signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operationsArcelorMittal

 Group on Friday announced a USD 2.4 billion (Rs 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd.

In a statement,  said it has signed definitive agreements with  Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.

"The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between  and ArcelorMittal," it added.

Broad-based, double-digit annual growth seen in bank credit in Q1: RBI data

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RBI data showed the metropolitan regions saw maximum acceleration with YoY credit growth vaulting from 2.7% in June 2021 to 13.2% in June 2022

Reserve Bank of India, RBI

Keeping with the rising momentum in economic activity, the  expansion was broad-based, posting double-digit annual growth in June 2022 in metropolitan, urban, semi-urban and rural areas in the country, showed  data.

 data showed the metropolitan regions saw maximum acceleration with year-on-year (YoY) credit growth vaulting from 2.7 per cent in June 2021 to 13.2 per cent in June 2022. It should be kept in mind that the second wave of Covid-19 pandemic hit the economic activity in April-June 2021 (Q1FY22).

The urban region saw the growth rising to 18.4 per cent in June 2022 from 10 per cent a year ago. The semi-urban areas showed an increase from 12.3 per cent in June 2021 to 15.3 per cent. In contrast, the pace of credit offtake in rural areas moderated to 11.6 per cent YoY in June 2022 from 12.8 per cent a year ago.

Also Read: Listed private non-finance companies log 41% sales growth in Q1FY23: RBI

The similar growth trend (double-digit YoY) was evident across all the bank groups — (public sector banks, private banks, foreign banks, Regional Rural  (RRBs) and   (SFBs). The experience was no different for all the regions of the country (central, eastern, north-eastern, northern, southern and western),  said.

However, the story on fund raising by  was different. The aggregate deposit growth (y-o-y) has remained in the range 9.5-10.2 per cent during the last five quarters.

The metropolitan branches continue to account for over half of the bank deposits and their share increased marginally over the last one year,  said.

The share of current account and savings account (CASA) deposits in total deposits has been increasing over the last three years. The share of CASA money which was 42 per cent in June 2020, rose to 43.8 per cent in June 2021 and further to 44.5 per cent in June 2022.

As credit growth is outpacing deposit growth in the recent period, credit-deposit (C-D) ratio has been on the rise in June 2022. The C-D ratio stood at 73.5 per cent at all-India level in June 2022 (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago), it added.

Broad-based, double-digit annual growth seen in bank credit in Q1: RBI data

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RBI data showed the metropolitan regions saw maximum acceleration with YoY credit growth vaulting from 2.7% in June 2021 to 13.2% in June 2022

Reserve Bank of India, RBI

Keeping with the rising momentum in economic activity, the  expansion was broad-based, posting double-digit annual growth in June 2022 in metropolitan, urban, semi-urban and rural areas in the country, showed  data.

 data showed the metropolitan regions saw maximum acceleration with year-on-year (YoY) credit growth vaulting from 2.7 per cent in June 2021 to 13.2 per cent in June 2022. It should be kept in mind that the second wave of Covid-19 pandemic hit the economic activity in April-June 2021 (Q1FY22).

The urban region saw the growth rising to 18.4 per cent in June 2022 from 10 per cent a year ago. The semi-urban areas showed an increase from 12.3 per cent in June 2021 to 15.3 per cent. In contrast, the pace of credit offtake in rural areas moderated to 11.6 per cent YoY in June 2022 from 12.8 per cent a year ago.

Also Read: Listed private non-finance companies log 41% sales growth in Q1FY23: RBI

The similar growth trend (double-digit YoY) was evident across all the bank groups — (public sector banks, private banks, foreign banks, Regional Rural  (RRBs) and   (SFBs). The experience was no different for all the regions of the country (central, eastern, north-eastern, northern, southern and western),  said.

However, the story on fund raising by  was different. The aggregate deposit growth (y-o-y) has remained in the range 9.5-10.2 per cent during the last five quarters.

The metropolitan branches continue to account for over half of the bank deposits and their share increased marginally over the last one year,  said.

The share of current account and savings account (CASA) deposits in total deposits has been increasing over the last three years. The share of CASA money which was 42 per cent in June 2020, rose to 43.8 per cent in June 2021 and further to 44.5 per cent in June 2022.

As credit growth is outpacing deposit growth in the recent period, credit-deposit (C-D) ratio has been on the rise in June 2022. The C-D ratio stood at 73.5 per cent at all-India level in June 2022 (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago), it added.

History shows that refugees, even illegal migrants, can become an asset to host countries

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The reality is that illegal migration and refugee exodus the world over are there to stay. They cannot be wished away by speeches in parliaments. Otherwise, the office of the UNHCR would have been disbanded long ago

History shows that refugees, even illegal migrants, can become an asset to host  countries

Refugees can be a source of prosperity in any nation where they take refuge. Illegal migrants can also bring prosperity to local communities in nations that they migrate to as well as to countries which they leave behind.

India knows this from its long experience throughout history. So does the United States, where millions of illegal immigrants do not live under the radar, or in squalid detention camps, but are productive contributors to economic activity in towns and cities from coast to coast. South Korea knows this only too well, and the Gulf countries acknowledge this as much. 

Therefore, last fortnight’s debate about the fate of a relatively small number — by global refugee standards — of Rohingya refugees in Delhi is in the realm of make-believe, unreal, and even delusional.

It is now forgotten in the wake of the first ‘oil shock’ which transformed Gulf countries beyond recognition into El Dorados in the 1970s, the flood of illegal migrants who flocked there, risking their lives in small boats across the ocean, were from India. They were needed in those desert kingdoms and the sultanates and the sheikhdoms to build those nations into prosperous, modern societies that they are today.

In turn, their remittances lifted millions of families from poverty in India, which was then under severe economic stagnation, and heavy joblessness. Through the 1970s, ’80s, and ’90s, the benevolent rulers in the Gulf repeatedly gave amnesty to these illegal migrants from India. They were not put in detention camps and very few of those who arrived illegally were shipped back to India. For the most part, they were Hindus. Historical memory of this Indian experience was completely missing from all the debates about Rohingyas in India.

Go to Ontario or British Columbia today, and entire townships of Punjabis who arrived in Canada following Operation Bluestar as refugees have sprung up in and around Toronto or Vancouver. These one-time refugees have not only prospered as individuals and families, they continue to do so through successive generations. The industrious Sikhs among them, who fled India decades ago alleging persecution, have created thriving local economies in those towns. Canada’s famously liberal ethos has enabled them to be elected to Parliament and become federal ministers in Ottawa and in several Canadian provinces. This Indian experience was also missing from the recent debates about Rohingyas living in Delhi.

It is true that such refugee populations and illegal migrant and immigrant communities can be fertile recruiting grounds for countries which practice terror as State policy, and for non-State organisations which implement such policies through acts of terrorism. It is also part of South Asia’s historical experience that Khalistanis found willing perpetrators of heinous terror acts — including passenger aircraft bombings — among refugees in Canada who came from Punjab. When civil war was raging in Sri Lanka, overseas Tamil Tiger outfits in Greater Toronto resorted to extortion from both Sinhala and Tamil businesses in their strongholds in the Ontario province. These have been documented in Canada’s official evidentiary hearings.

Fortunately, this does not appear to have happened with Rohingyas in Delhi, who were at the centre of the recent controversy. News reports from Rajasthan, Haryana, Delhi, and Kashmir have also discounted threats of terrorism from such people, who are fleeing persecution back in their home province of Rakhine in Myanmar. In Rajasthan, there is only one case against Rohingyas, which relates to a sexual assault on one of their own. In the hotbed of terrorism in Jammu and Kashmir, the Rohingyas are only minding their business of survival.

The reality is that illegal migration and refugee exodus the world over are there to stay. They cannot be wished away by speeches in parliaments or Houses of Congress, which are often laced with bravado — or by tweets in today’s digital environment. Otherwise, the office of the United Nations High Commissioner for Refugees (UNHCR), the global refugee agency formed 72 years ago, would have been disbanded long ago.

India has reservations about the UNHCR, which have a historical context, reinforced by New Delhi’s refugee experience during the 1971 war for the creation of Bangladesh. If India becomes the $5-trillion economy, which it aspires to be, illegal migration inward is certain to increase. As the political and economic environment worsens all around in India’s neighbourhood — Sri Lanka, Nepal, Myanmar, and Maldives are apt examples — refugees can be expected to be a growing headache for the ministries of home and external affairs in New Delhi. The resources of intelligence and security agencies will be stretched.

Like the US, India has a long history of giving opportunities to refugees to prosper, and in assimilating illegal immigrants, who mostly improve their lot, having got a second chance in life, as it were, by moving to India. The demographic changes in the Northeast are proof of the latter.

Only five years ago, Hindus, Jews, and Christians came together at the Consulate General of India in New York to celebrate a moving cinematic tribute to the generosity of what is now Gujarat and Maharashtra in offering refuge to 1,000 Jewish and Christian children from Poland. At the National Day reception at the residence of the South Korean Ambassador in New Delhi, one frequently encountered Koreans who spoke fluent Hindi. These were prisoners of war from the Korean conflict in the 1950s, and their children. They opted to move to India permanently when the armistice talks stalemated in 1953. Their stories of how Jawaharlal Nehru took a personal interest in their welfare for years after they made this country their home tell of an India which welcomed outsiders in need of succour.








India poised to become next global SaaS capital, says EY-CII study

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According to a study by EY and CII titled "India: The next global SaaS capital", India is poised to become the next SaaS capital over the next few years

Saas industry
The Indian software-as-a-services (SaaS) market is expected to grow multi-fold by 2025, accounting for almost 7 to 10 per cent of the global market from 2 to 4 per cent currently, said a report.

According to a study by EY and  titled “India: The next global  capital”,  is poised to become the next  capital over the next few years, mainly driven by small and medium businesses with a focus on large enterprises.

The report also stated that according to industry estimates, the market is expected to reach $20-25 billion by 2025 from $4-7 billion in 2020.

“Macro-economic environment notwithstanding, the funding activity in the first two quarters of this year surpassed the funding activity in 2021 – which was a breakout year with over $4.3 bn in funding for  start-ups”, said Nitin Bhatt, Technology Sector Leader at EY.

Almost 50% of SaaS providers interviewed in the study stated that driving higher awareness for SaaS products continues to be a prerequisite for customer acquisition, EY said in a statement.

“As entrepreneurs double down on scaling their ventures, they would do well to sharpen the focus on account centricity, customer success and partner with educational institutions and the government to build a SaaS talent pipeline and continue investing in product functionality and innovation”, added Bhatt.

Compared to only 1 SaaS unicorn in 2018,  now has a total of 18, taking the third spot among the largest SaaS ecosystems in the world. The study also highlights that  more than doubled the number of its SaaS companies in 2021 in contrast to 2019. Further, funding has increased from $2.6 billion to $6 billion in the span of these two years, stated EY.

This is what Amazon's very first job ad looked like

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"Well-capitalized Seattle start-up seeks Unix developers," the posting by founder Jeff Bezos in 1994 read.Pic of first job listing posted by Jeff Bezos in 1994 for Amazon wows  people | Trending - Hindustan Times

In 1994, Jeff Bezos founded Amazon, a virtual bookstore that would grow to become the world's biggest e-retailer. When he set out to realise his vision, who are the first people he looked for?

On August 22 that year, Jeff Bezos, who is now the world's second-richest person, posted a job advertisement for "extremely talented C/C++/Unix developers" to help pioneer commerce on the Internet.

Considering what Bezos was building, the job demands were high.

"You must have experience designing and building large and complex (yet maintainable) systems,and you should be able to do so in about one-third the time that most competent people think possible,"the posting said.

It required candidates to have a Bachelor's, Master's or doctorate degree in computer science.

"Top-notch communication skills are essential," Bezos wrote. "Familiarity with web servers and HTML would be helpful but is not necessary."

The posting said candidates should be willing to relocate to Seattle area, where Amazon was founded.

Bezos promised to cover moving costs of successful candidates and provide them equity ownership. "We are an equal opportunity employer," the posting said.

The job ad, shared on Twitter by TV personality Jon Erlichman, gathered over 9,000 likes.

"Nowadays all the stuff around the actual job description is longer than the job description itself," one user commented on his tweet.

Another wrote: "The meaningful equity ownership was probably indeed meaningful later on."

In the years since its foundation, Amazon grew tremendously, emerging as one of the five American tech giants alongside Apple, Microsoft, Alphabet and Meta.

But it has sparked criticism for its poor treatment of workers -- making them work in gruelling and unsafe conditions.

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